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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I got a discharge for bankruptcy in November of this yr. I

Customer Question

I got a discharge for bankruptcy in November of this yr. I was wondering how my tax return next yr. will be affected? I live in Fl.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

Customer:

I do not see an answer anywhere

WALLSTREETESQ :

Once you file bankruptcy,

WALLSTREETESQ :

all cancelled debt that you may have had to file taxes on as income are discharged, and you do not declare that as income.

WALLSTREETESQ :

The bankruptcy filing has no other relationship towards your taxes, except for the 1099 canceled debt issues,

Customer:

So I usually get around $1200 every yr. You are saying that sum will not be affected?

WALLSTREETESQ :

your refund will not be affected, if you received your discharge letter in November, the trustee cannot come after that money

Customer:

I guess I should still probably talk to my attorney firm before I file though.

Customer:

Your advice is much appreciated

WALLSTREETESQ :

A trustee cannot go after your refund or any assets 6 months after the case,

WALLSTREETESQ :

if you file your taxes in April,

WALLSTREETESQ :

and receive your refund in May their is no issue.

Customer:

april would only be 5 months

WALLSTREETESQ :

Your refund will be in May,

Customer:

Ok. Thanks for your info. I appreciate your time. It's after hrs, so I couldn't call my attorney. I am going to double check with him to about the situation as well. Thanks again. XXXXX just hit accept to pay you?

WALLSTREETESQ :

Yes, but also as a 12 year bankruptcy attorney,

WALLSTREETESQ :

after the discharge letter which state no assets,

WALLSTREETESQ :

the trustee would not go after your refund, the trustee could have gone after any refund received this year, so many attorneys do not advise clients to file bankruptcy during March-June,

WALLSTREETESQ :

as some agressive trustee do try to take the money

WALLSTREETESQ :

Good luck,

Customer:

Yeah, I was making installment payments for the bankruptcy during that period. The actual filing was not until august, and then I received my discharge in november.

Customer:

THank you

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied with our service please press the accept button so we can receive credit

Customer:

Is it $30 everytime I look you up?

WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you

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